NITI Aayog VC Rajiv Kumar warns of Economic Slowdown, informs about government measures

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...
Saurabh Parmar
Digital Journalist (Specializing in Indian affairs & Contemporary Political development). A Writer by Profession. Administration Enthusiast by Passion. Altruist by Heart. That's enough about Me!

Speaking at the Mindmine Summit organized by Hero Group, Vice-Chairman of NITI Aayog, Rajiv Kumar termed the current economic slowdown as an “unprecedented situation that India has not faced in the last 70 years”.

He said that India has not faced this kind of liquidity situation where the whole financial sector is in turmoil. He also explained how the private sector is getting the worst of it as nobody wants to lend money to anybody else. The cash is sitting idle under the garb of holders.

India is currently facing the worst trend of growth in the last five years, which has alerted economist and policy leaders for the economic future of the country. He took the audience back to the IL&FS default case which triggered the authority to take a bunch of measures to ease financial stress in the economy.

Speaking from the stage, he then informed his audience about the various steps taken by the concerned government departments to handle the situation, which has slightly improved the situation.

Steps by government agencies-

  1. Public sector banks have provided liquidity to non-banking finance companies (NBFCs) increasing their sustainability measures in the slowdown time.

2. RBI (Reserve Bank of India) has also reduced repo rate for 4 consecutive times this year. The Central Bank has also ordered the banks to pass the rate cut benefits to borrowers, thus increasing their trust in the banking system.

3. Public sector banks have been permitted to purchase high-rated pooled assets of financially sound NBFCs.

4. The government has provided a one-time six months’ partial credit guarantee to Public Sector Banks for first loss of up to 10 percent. This partial guarantee can go a long way in helping the Asset Liability structure of banks.

5. The government has also allowed NBFCs to raise funds in public issues increasing their money-raising capacity.

6. Government has also decided to bring housing finance companies under the aegis of RBI. Currently, they were under the umbrella of the National Housing Bank.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Tiger, Hrithik to not share stage during ‘War’ promotions

Mumbai, Sep 23 (IANS) Actors Hrithik Roshan and Tiger Shroff will not be promoting their upcoming actioner "War" as...

HK hotels plan price cuts, deals amid protests

Hong Kong, Sep 23 (IANS) Hong Kongs hotels were cutting prices, selling "staycation" offers and asking staff to take unpaid leave in an effort...

Travel posters from 20th-century India on display in NYC

By Siddhi JainNew York, Sep 23 (IANSlife) Before the arrival of internet, travel posters were a colourful medley of words and...

Genelia, Riteish’s meme exchange is hilarious

Mumbai, Sep 23 (IANS) Bollywood couple Riteish Deshmukh and Genelia Deshmukh indulged in a funny meme war on social media.The two took to social...

Nikki Haley hails ‘Howdy Modi’

Washington, Sep 23 (IANS) Nikki Haley, the former US Ambassador to the UN who is an Indian-American, has hailed the 'Howdy Modi' event in...
- Advertisement -

More Articles Like This